The Reserve Bank of India said it has cancelled the registration of Pune-based Kudos Finance and Investments and Mumbai-based Credit Gate for regulatory lapses in lending practices. With cancelled Certificate of Registration(CoR), the two NBFCs should not transact the business of a non-banking financial institution, the RBI said in a statement.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The Certificate of Registration(CoR) of the two NBFCs have been cancelled on account of violation of RBI Guidelines on Outsourcing and Fair Practices Code in their digital lending operations undertaken through third party apps, which was considered detrimental to public interest,” it said.
According to the statement, the entities were also not complying with the extant regulations pertaining to charging of excessive interest and had resorted to undue harassment of customers for loan recovery purposes.
Prior to this, the Reserve Bank of India (RBI) has asked online payment gateway PayU India to reapply for its initial payment aggregator (PA) licence.
Imagine when you check clock at the midnight and outside window you find out sun…
Can you imagine, if a single mango tree could produce the hundreds of different varieties…
Have you ever wondered how the some places on earth earn their respective names which…
The Central Government of India has approved the appointment of the five new judges to…
On June 2nd, 2026 celebrates the Telangana Formation Day every year since the formation of…
As Myanmar President Min Aung Hlaing his official visit of India from 30 May to…